Venezuela’s President Maduro threatens toothpaste sellers with 5 years jail

Venezuelan citizens travel to the border town of Cucuta in Colombia to take advantage of reliable supplies and stable pricesCARLOS EDUARDO RAMIREZ/REUTERS

Selling toothpaste in Venezuela for more than fixed government prices has become a criminal offence punishable by five years in prison, as President Maduro tries to defeat spiralling inflation.

A “law of agreed prices”, which took effect on Thursday, sets legal maximum costs for dozens of products that are judged to be essential, including pasta, rice and sugar. “No more with the thieves,” Mr Maduro said, announcing the plan.

The move has been greeted with derision by many Venezuelans. “Next he’ll claim that the law of gravity needs to be changed,” Carlos Díaz, 33, a lawyer in Caracas, said.

Prices in Venezuela, the world’s fastest-shrinking economy, are increasing at nearly 50 per cent a month, the point at which an economy technically enters hyperinflation, a…